The Syracuse Post-Standard is reporting today that Syracuse University is cutting $8M from next year's operating budget in response to the poor economy. The paper reported that SU's endowment lost $170M in value at the close of the 2008 fiscal year, which ended in June. The paper reported that the endowment stood at $775M at the end of October. The budget for next year is currently at $956M, but I'm not sure if that includes the $8M in cuts or not.
I've been wondering when I'd see this story. Across the country, many other colleges have been talking about hard times and temporarily scaling back plans. In Rochester, Nazareth College had to modify improvements to its performing arts center because of the cost of construction materials (although that was over the summer before the economy took a nose dive. In Ithaca, Cornell just put a 90-day moratorium on construction at, from what I understand, multiple building projects.
You think SU would do that? HELL NO. Construction is continuing on a new residence hall in the ballpark of $50M, the Center of Excellence for around $20M, and of all things, the new basketball practice facility that is also around $20M - like we really needed that. I understand the residence hall. The university accidentally overbooked new students by about 600 this year, therefore having to transform several dorm lounges into makeshift rooms. The Center of Excellence is receiving help from the state and was planned for years ago, so that makes sense too. But heaven forbid the university consider scaling back another building for the athletic department. It would be different if multiple teams could use it, but $20M for a building that only ONE team will use? With the economy like this? That's frustrating.
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